Important Ripple v SEC Development, Bitcoin (BTC) Brief Price Spike, and More: Bits Recap Feb 22

TL;DR

• Bitcoin experienced significant price fluctuations in the past few days, soaring to nearly $53,000 before dipping below $51,000, with predictions of future increases based on on-chain metrics and the upcoming halving.
• Ripple continues to fight the SEC over XRP’s classification as a security, getting partial court victories and expanding globally.
• Shiba Inu’s Shibarium achieved a milestone in total transactions, hinting at a potential price rally for SHIB.

BTC’s Volatility

Despite staying well above the $50K milestone, the price of the primary cryptocurrency has passed through severe turbulence as of late. It plateaued at around $51,500-$52,000 over the past weekend and the beginning of the week before taking the offensive and soaring to $53,000 on February 20.

The multi-year peak was short-lived, and BTC dipped below $51,000 the following day. Currently, it trades at around $51,500.

Several on-chain metrics and upcoming events, though, suggest that the asset’s valuation might soon chart new heights. BTC exchange netflow has been predominantly negative in the past seven days, showing a shift from centralized platforms to self-custody methods. Such a trend is considered bullish since it reduces the immediate selling pressure.

Another factor worth noting is the approaching halving. The event takes place approximately every four years and reduces the rate at which new BTC is mined. Historically, the halving has been followed by a massive Bitcoin bull run and a resurgence of the entire cryptocurrency market. Those willing to dive deeper into the matter, feel free to take a look at our dedicated video below:

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What’s New Around Ripple?

The company’s recent developments are related to its lawsuit against the US Securities and Exchange Commission (SEC). 

Recall that the regulator sued Ripple in December 2020, accusing it of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. For its part, the firm argues that its native token should not be classified as a security, thus standing aside the Commission’s jurisdiction.

The trial between the entities is scheduled for April 23, with Ripple seemingly being the top dog after securing three vital (yet partial) court wins last year. The SEC also achieved a small victory, with Judge Sarah Netburn ordering the firm to disclose important financial records for 2022 and 2023 (as insisted by the watchdog).

Most recently, Ripple had to provide essential data included in the remedies-related discovery phase. The company had until February 12 to do so but requested an extension of the deadline with an additional eight days.

Besides its efforts in the legal field, Ripple has been working on a global expansion. Earlier this week, one of the biggest financial institutions in Egypt – the Commercial International Bank (CIB) – partnered with the company “to implement blockchain technology, enhancing the efficiency of cross-border payments.”

Shiba Inu’s Progress

Shiba Inu’s L2 scaling solution – Shibarium – continues to make waves, recently blasting through another milestone. As CryptoPotato reported on February 19, daily transactions on the network reached 3 million, whereas total transactions surpassed the 360 million level. 

The feature went live in August last year, aiming to service the needs of the Shiba Inu ecosystem by lowering transaction fees and improving speed. 

Some experts have claimed that Shibarium’s advancement could propel a SHIB price rally. Nonetheless, the meme coin has not performed so well as of late, with its value being down 3% on a weekly scale.